Cash for Keys: Is It for You?
For years, this program has been somewhat hidden from homeowners facing foreclosure. As the number of foreclosure cases grew into the thousands during the last couple years, more and more soon-to-be evicted families learned of the opportunity, whereby mortgage companies give money to the homeowners in exchange for handing over the keys to the house and leaving it in “broom-swept” condition. It is a way for the mortgage company to save money on litigation costs while ensuring the property will be well-kept until they can find a buyer to move in. Additionally, the homeowner is given a little help with moving expenses and the certainty of a move-out date.